Sunday, December 25, 2011

The economics of the Empire State Building

The cramped observation decks [of the Empire State Building] on the 86th and 102nd floors are startlingly profitable, especially during the holiday season, when tourists swarm the city.

The decks attract four million visitors a year and generated $60 million in profits in 2010, while the owners made little if any money on the office space, according to newly disclosed documents that offer a rare glimpse at the building’s balance sheet. ...